Over at Liveside.net there is a article on Windows Live for TV, previously known by the codename “Nemo” and now by codename “Orbit”. Here’s the features:

• Browse millions of Spaces in rich 3D graphics with new Gallery views and full keyword search
• Find out what your friends have been doing and saying on Windows Live Spaces
• Have real-time text and voice conversations*
• Call your friends’ mobile or landline telephones by signing up with Verizon Web Calling to make affordable domestic and international calls**
• Easily navigate with your mouse, keyboard or a TV remote (remote navigation requires Microsoft Media Center Remote and IR)
• Make free PC-to-PC calls to other Windows Live Messenger users.

*Both parties must have compatible webcams, microphones, and speakers
**Requires voice calling in Windows Live Messenger Client.

Check out the Orbit Team’s blog In Orbit.

You can try it out yourself. Here’s the Sign Up Link and the Download Link.